Richard Branson is getting in on Hyperloop

Branson’s Virgin Group has invested in Hyperloop One, the corporate that’s making an attempt to construct the ultra-fast transportation system championed by Elon Musk.

And it is not simply an funding. The corporate will now go by Virgin Hyperloop One. Branson can also be becoming a member of the corporate’s board.

Branson’s funding is part of the $85 million funding round that first turned public in September. That cash valued the corporate at round $700 million. How a lot of that got here from Branson’s Virgin Group has not been publicly introduced.

“We’re extremely excited concerning the know-how behind Virgin Hyperloop One and the way in which it might remodel passengers’ lives,” Branson wrote in a blog post asserting the funding.

“Ever since our creation, Virgin has been recognized for disruption and investing in modern firms. From our airways to our trains to our spaceline, we’ve lengthy been obsessed with innovation in transport too, particularly the event of know-how that might remodel individuals’s lives. That is simply the most recent instance,” Branson wrote.